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Nintendo posts Q1 profit fall, keeps outlook

Nintendo posts Q1 profit fall, keeps outlook
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First Published: Thu, Jul 29 2010. 02 54 PM IST
Updated: Thu, Jul 29 2010. 02 54 PM IST
Tokyo: Japan’s Nintendo Co Ltd posted a 42% drop in quarterly operating profit and kept its full-year forecast, hit by slowing demand for its handheld game device and a stronger yen.
The world’s leading video game machine maker said its operating profit fell to 23.3 billion yen ($266 million) in April-June from 40.4 billion. The average estimate of two analysts polled by Thomson Reuters was 31 billion yen.
Nintendo kept its forecast for operating profit to fall 10% to 320 billion yen in the year to March 2011. The market consensus was for 305 billion yen.
Nintendo is vying for business with Sony Corp and Microsoft Corp amid a squeeze in demand worldwide for vidoegames and consoles. Analysts expect Nintendo’s profitability to erode until it launches a new Wii console and a 3D version of its popular DS handheld game player.
Shares of Nintendo have fallen 21% over the past three months versus a 11% drop in the benchmark Nikkei average.
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First Published: Thu, Jul 29 2010. 02 54 PM IST